Nexamp has announced the closing of a $106 million financing facility led by First Citizens Bank to provide long-term funding for a portfolio of 20 operating community solar projects across New York, Illinois, Maine, and Massachusetts.
The five-year facility will leverage Nexamp’s long-term cash flow to provide capital for reinvestment in new solar developments while keeping costs low for customers.
The portfolio includes projects that deliver community solar bill credits and savings to households, small businesses, municipalities, and other customers across the four states.
“This deal with First Citizens Bank underscores Nexamp’s commitment to investing in local clean energy at a time when global energy markets are volatile and uncertain,” said Zaid Ashai, CEO of Nexamp, in a statement. “By partnering with lenders that understand our markets, we can keep building projects, expand access to meaningful bill savings for individuals and businesses, and strengthen the resilience of the communities and grids we serve.”
First Citizens Bank served as lead arranger and administrative agent for the transaction, joined by Huntington Bank and Siemens Financial Services. The financing is part of Nexamp’s broader strategy to expand access to affordable local clean energy and meet rising U.S. electricity demand.
Mike Lorusso, Group Head of Energy Finance at First Citizens Bank, added, “Nexamp has built a strong track record as an owner and operator of local clean energy projects, and this facility reflects First Citizen’s ongoing commitment to work with industry leaders, like Nexamp, to bring more affordable, sustainable power to communities around the country.”
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